New Cyber Crime Tests for Banks

New Cyber Crime Tests for Banks

The Bank of England has a new testing framework to spot vulnerabilities, to protect the UK's financial institutions from cybercrime.

The cyber security strategy known as CBEST is the first of its kind for the financial services sector, and the voluntary tests are expected to be widely adopted.

Andrew Gracie, the Bank of England's executive director of resolution said: "The results should provide a direct readout on a firm's capability to withstand cyber-attacks."

Mr Gracie also warned banks should be better prepared to counter cyber-attacks.

He added: "Cyber presents new challenges. Unlike other causes of operational disruption like fires and floods, we know there are agents out there - criminal, terrorist organisations or state sponsored actors that have the will, if not necessarily the means, to attack the system.

"Low-level attacks are now not isolated events but continuous. It is clear that the risk is on the rise and a growing cause of concern to industry and authorities alike."

According to the Bank of England's Systemic Risk Survey, last year there was a 10% increase in concerns about cyber-attacks among banks.